to Acquire Wright St. Property
of Trustees approved the purchase of property and structures located
at 1010 and 1020 Wright Street
– adjacent to Ripley Heating
Plant – at a cost of $725,000 plus related miscellaneous expenses.
amount will be funded through the transfer of Magers Hall, a state
building, to the Housing and Residence Life auxiliary operation
for the purposes of converting it back to its original use as a
has been interested in this land for some time because it is part
of the university’s long-range master plan,” said Carl Pace, associate
vice president for facilities and services. “We began exploring
a purchase several years ago, when it became apparent that we would
have to begin the process of replacing our boilers within the heating
plant and electrical gear, which may require additional space. We
had no control over the timing. The owners decided they were ready
to sell, so we had to act quickly or risk losing the opportunity.
This is a long-term investment.”
and Residence Life will use two sources to fund the Magers Hall
project: $4.6 million in proceeds from the 2001 bond issue, which
were made available by not moving forward with the Quad II renovation;
and $1.3 million in reserves.